The threat of further money printing by both the European Central Bank and the bank of Japan has sent the US dollar back up again, now clearly above key line in the sand at 97 for the US dollar index, which sent both the crude oil market and the stock market down on Friday..
Further rally in the USD is bearish for both the crude oil market and the stock market. Further decline in the price of crude oil could easily cause a sudden stock market crash that could easily overwhelmed the Fed buying algos, so watch the USD index and the crude oil market for the direction of the stock market.
Key price level for NQ on Monday will be 4245.
-- NQ is bullish above 4245 with the next resistance at 4300.
-- Bearish below 4245, with the next support at 4200-4210.
Key driver of market direction on Monday will be the crude oil market and the USD.
